BMI launches new personal loan promotion

Manama, March 17, 2014

In a statement, the bank said in addition to an annual percentage rate (APR) of 6.54 per cent, zero insurance fees as well as an optional first three months instalment deferment, customers will be able to win cash prizes of up to BD1,000 ($2593) when they either apply for a new loan, top up their existing loan with BMI Bank or look to transfer their existing loans with other banks to BMI Bank.

The promotion is scheduled to run until the end of June, it added.

"We operate in a competitive market where customers are becoming savvier and expect their financial partner to provide them with comprehensive and tailor-made financial solutions," BMI Bank chief executive Jamal Al Hazeem was quoted as saying in the Gulf Daily News, our sister publication.

"Through Salaf, we are confident that we can provide them with the flexibility they require as they take advantage of one of the lowest APRs available today in addition to minimal documentation and quick processing time," he stated.

Customers stand to win any of the following prizes through a 'scratch and win' card, free waiver of fees for the first three instalment deferments, BD1,000, BD100, BD50 and BD25 in cash.

BMI Bank's loan eligibility is based on the customers' current income, financial liabilities as well as the debt burden ratio, it added.-TradeArabia News Service